Automotive Composites Market to Reach USD 17.6 Billion by 2032, Driven by Demand for Lightweight Materials and Lower Carbon Emissions

The global Automotive Composites Market was valued at USD 6.9 billion in 2022 and is predicted to reach USD 17.6 billion by 2032, with a revenue CAGR of 11% during the forecast period. This growth is being fueled by several factors, including the growing demand for lightweight materials in car production, the increased focus on reducing carbon emissions, and the need for greater fuel efficiency.

The use of automotive composites has become increasingly popular for parts such as engine parts, suspension components, and body panels due to their superior mechanical properties and high strength-to-weight ratio. This allows for the overall weight of the vehicle to be significantly reduced, improving its performance, reducing its carbon emissions, and increasing its fuel efficiency.

The market for automotive composites is also being driven by the rising need to reduce carbon emissions. Governments and regulatory organizations across the globe are enacting strict regulations to minimize carbon emissions from vehicles, leading to the increased popularity of lightweight materials such as composites. The use of composites during the production of automobiles can reduce a vehicle's weight by up to 50%, resulting in a significant reduction in carbon emissions.

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Segments Covered in the Report

The global market for automotive composites can be analyzed based on various outlooks. The fiber outlook includes glass fiber, carbon fiber, and others. Glass fiber is a commonly used material due to its high strength and stiffness. Carbon fiber is also gaining popularity due to its lightweight properties and high strength. Other fibers include natural fibers, aramid fibers, and hybrid fibers.

The resin outlook includes thermoset and thermoplastic resins. Thermoset resins are widely used due to their good mechanical properties and heat resistance. Thermoplastic resins are gaining popularity due to their ease of processing and recyclability.

The manufacturing outlook includes compression molding, injection molding, resin transfer molding (RTM), and others. Compression molding is a cost-effective method that is commonly used for large parts. Injection molding is used for producing small and complex parts. RTM is a low-pressure injection molding process that is used for producing medium-sized parts.

The application outlook includes exterior, interior, powertrain, and chassis. Exterior applications include body panels, hoods, and roofs. Interior applications include door panels, dashboard, and seats. Powertrain applications include engine parts and transmission components. Chassis applications include suspension parts, brake systems, and steering systems.

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Strategic development:

Teijin Limited announced on August 2nd, 2019, that it had acquired Renegade Materials Corporation, a U.S. company that specializes in the development and production of high-temperature composite materials. The acquisition was made with the goal of enhancing Teijin's product offerings in the aerospace and automotive industries.

Mitsubishi Chemical Corporation announced on June 17th, 2021, that it had developed a new type of Carbon Fiber Reinforced Plastic (CFRP) with high-heat resistance, which is expected to expand the company's offerings in the automotive composites market. This development will enable the company to provide new and advanced products to customers who demand high-performance materials that can withstand high temperatures in various applications.

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Competitive Landscape:

Toray Industries, Inc., Mitsubishi Chemical Corporation, SGL Carbon, Koninklijke Ten Cate BV, Hexcel Corporation, Huntsman Corporation, Teijin Limited, Cytec Industries Inc., Plasan Carbon Composites, Gurit Holding AG, Continental Structural Plastics Inc.

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